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Average Home Values and Ownership in Zip Code 95258: Woodbridge's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Woodbridge, located in zip code 95258 in California, is a small community that has experienced interesting shifts in homeownership and housing prices over the past decade. This analysis explores the trends in ownership rates, average home prices, and average rent prices in this area. The homeownership rate in Woodbridge has shown a general upward trend, increasing from 77% in 2013 to 80% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price in the area was $259,170, and by 2022, it had more than doubled to $584,727. This substantial growth in property values may have incentivized more residents to invest in homeownership, despite the rising costs.
The relationship between federal interest rates and homeownership rates in Woodbridge presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), the area saw only a modest increase in homeownership. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership actually increased to 80%, suggesting that local factors may have played a more significant role in homeownership decisions than national interest rate trends.
Renter percentages in Woodbridge have fluctuated inversely to homeownership rates, decreasing from 23% in 2013 to 20% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. The average rent peaked at $1,167 in 2013 and then experienced a general decline, reaching $889 in 2022. This decrease in average rent prices, coupled with rising home values, may have contributed to the shift towards homeownership in the area.
In 2023 and 2024, the housing market in Woodbridge showed signs of stabilization. The average home price in 2023 was $568,711, a slight decrease from 2022, but it rebounded to $578,435 in 2024. This occurred despite the federal interest rate increasing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Looking ahead, based on the historical data and recent trends, we can predict that average home prices in Woodbridge will likely continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach the $650,000 to $700,000 range. Average rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching around $950 to $1,000 per month in the next five years.
In summary, Woodbridge has experienced a notable increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The inverse relationship between declining average rent prices and increasing homeownership rates suggests a shift in local housing preferences. As the community continues to evolve, it will be important to monitor these trends and their impact on the local real estate market.
